3.

2 Comparative matrix
Table 23: Leading players comparison of key financial ratios
Pomina Steel

Hoa Sen Group

Thai Nguyen Iron

and Steel

Dai Thien Loc

Dec 31, 2014

Sep 30, 2015

Dec 31, 2014

Dec 31, 2014

Net sales growth

9.24

16.39

-8.21

2.78

EBITDA growth

44.89

66.81

n/m+

1.05

EBIT growth

n/m+

63.67

n/m+

-22.60

Net income growth

86.88

59.10

92.83

-65.10

n/m-

n/m-

n/m-

ROE

-1.21

24.68

-1.28

0.84

ROCE

3.28

15.96

2.72

4.64

EBITDA / sales

5.67

9.65

6.47

7.42

EBIT / sales

2.55

6.96

3.15

3.80

Net income / sales

-0.27

3.74

-0.30

0.31

Debt / assets

67.72

58.17

62.97

44.93

Debt / equity

268.79

188.66

359.84

130.26

Net debt / equity (x)

2.64

1.79

3.54

1.21

Net debt / EBITDA (x)

10.18

3.10

13.30

6.29

Equity / assets

25.20

30.83

17.50

34.50

Quick ratio

34.07

13.24

19.24

15.85

Payout

0.00

0.00

0.00

0.00

Sales / account receivables (x)

6.12

31.85

15.78

18.19

Sales / assets (x)

1.28

1.78

0.76

0.91

Fiscal year end

Growth (%)

Free cash flow growth

Profitability (%)

Capital structure (%)

Asset utilisation (%)

Source: Infinancials

Steel

Vietnam

22

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